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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2023
Quarterly Financial Information (Unaudited) [Abstract] |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | NOTE 11 — QUARTERLY FINANCIAL INFORMATION (UNAUDITED) As further described in Note 2, the previously reported financial information for the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023, have been restated. As part of the restatement, the Company recorded adjustments to correct the uncorrected misstatements in the impacted periods. The unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The following tables summarize the Company’s unaudited quarterly financial information for the impacted periods. Incorporated herein is expanded disclosure of the restatements of the quarterly information for the three months ended March 30, 2023, three and six-months ended June 30, 2023, and three and nine-months ended September 30, 2023. PLUM ACQUISITION CORP. I CONDENSED CONSOLIDATED BALANCE SHEETS
|  | AS RESTATED
|  | 3/31/2023 |  | 6/30/2023 |  | 9/30/2023
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 97,811 |  |  | 20,880 |  |  | 92,722 |
Prepaid expense |  | 102,980 |  |  | 52,885 |  |  | 27,550 |
Total current assets |  | 200,791 |  |  | 73,765 |  |  | 120,272 |
Investments held in Trust Account |  | 54,368,297 |  |  | 55,154,617 |  |  | 35,096,667 |
Total Assets |  | 54,569,088 |  |  | 55,228,382 |  |  | 35,216,939 |
Liabilities, Redeemable Ordinary Shares and Stockholders’ Deficit |  |  |  |  |  |  |  |  |
Accounts payable and accounts payable |  | 3,584,797 |  |  | 3,853,954 |  |  | 3,976,694 |
Due to related party |  | 265,000 |  |  | 331,826 |  |  | 258,966 |
Convertible promissory note – related party |  | 1,000,000 |  |  | 1,000,000 |  |  | 1,000,000 |
Promissory Note – related party |  | 250,000 |  |  | 250,000 |  |  | 250,000 |
Subscription liability, net of debt discount |  | 251,880 |  |  | 467,274 |  |  | 1,060,112 |
Forward Purchase Agreement liability |  | 633,205 |  |  | — |  |  | — |
Total current liabilities |  | 5,984,882 |  |  | 5,903,054 |  |  | 6,545,772 |
Warrant liability |  | 2,401,703 |  |  | 423,458 |  |  | 758,433 |
Total liabilities |  | 8,386,585 |  |  | 6,326,512 |  |  | 7,304,205 |
Commitments and Contingencies |  |  |  |  |  |  |  |  |
Class A Common Stock subject to possible redemption, 5,228,218, 5,228,218 and 3,255,593 shares at $10.40, $10.55 and $10.78 redemption value as of March 31, 2023, June 30, 2023 and September 30, 2023, respectively |  | 54,368,296 |  |  | 55,154,617 |  |  | 35,096,667 |
Stockholders’ Deficit: |  |  |  |  |  |  |  |  |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |  | — |  |  | — |  |  | — |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 0, 0 and 799 shares issued and outstanding (excluding 5,228,218, 5,228,218 and 3,255,593 shares subject to possible redemption) as of March 31, 2023, June 30, 2023 and September 30, 2023, respectively. |  | — |  |  | — |  |  | 799 |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,980,409, 7,980,409 and 0 shares issued and outstanding as of March 31, 2023, June 30, 2023 and September 30, 2023. |  | 799 |  |  | 799 |  |  | — |
Additional paid-in capital |  | 7,531,767 |  |  | 6,912,413 |  |  | 6,319,277 |
Accumulated deficit |  | (15,718,359 | ) |  | (13,165,959 | ) |  | (13,504,009 | )
Total stockholders’ deficit |  | (8,185,793 | ) |  | (6,252,747 | ) |  | (7,183,933 | )
Total Liabilities, Redeemable Ordinary Shares and Stockholders’ Deficit |  | 54,569,088 |  |  | 55,228,382 |  |  | 35,216,939 |
PLUM ACQUISITION CORP. I CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|  | AS RESTATED
|  | For the three months ended March 31, 2023 |  | For the three months ended June 30, 2023 |  | For the six months ended June 30, 2023 |  | For the three months ended September 30, 2023 |  | For the nine months ended September 30, 2023
Formation and operating costs |  | $ | 1,153,282 |  |  | $ | 578,954 |  |  | $ | 1,732,236 |  |  | $ | 353,372 |  |  | $ | 2,085,609 |
Loss from operations |  |  | (1,153,282 | ) |  |  | (578,954 | ) |  |  | (1,732,236 | ) |  |  | (353,372 | ) |  |  | (2,085,609 | )
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of warrants liabilities |  |  | (2,022,486 | ) |  |  | 1,978,245 |  |  |  | (44,241 | ) |  |  | (334,975 | ) |  |  | (379,216 | )
Change in fair value of Forward Purchase Agreement |  |  | (325,091 | ) |  |  | 633,205 |  |  |  | 308,114 |  |  |  | — |  |  |  | 308,114 |
Issuance of Forward Purchase Agreement |  |  | (308,114 | ) |  |  | — |  |  |  | (308,114 | ) |  |  | — |  |  |  | (308,114 | )
Reduction of deferred underwriter fee payable |  |  | 328,474 |  |  |  | — |  |  |  | 328,474 |  |  |  | — |  |  |  | 328,474 |
Interest Expense – Debt Discount |  |  | (28,515 | ) |  |  | (106,416 | ) |  |  | (134,931 | ) |  |  | (279,013 | ) |  |  | (413,944 | )
Interest income – trust account |  |  | 3,088,967 |  |  |  | 626,320 |  |  |  | 3,715,287 |  |  |  | 629,310 |  |  |  | 4,344,597 |
Total other (expense) income, net |  |  | 733,235 |  |  |  | 3,131,354 |  |  |  | 3,864,589 |  |  |  | 15,322 |  |  |  | 3,879,911 |
Net (loss) income |  | $ | (420,047 | ) |  | $ | 2,552,400 |  |  | $ | 2,132,353 |  |  | $ | (338,050 | ) |  | $ | 1,794,302 |
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |  |  | 26,286,357 |  |  |  | 13,208,627 |  |  |  | 15,699,116 |  |  |  | 4,970,919 |  |  |  | 12,083,753 |
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption |  | $ | (0.01 | ) |  | $ | 0.12 |  |  | $ | 0.09 |  |  | $ | (0.03 | ) |  | $ | 0.09 |
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,474,641 |  |  |  | 526,181 |
Basic and diluted net income per ordinary share, Class A ordinary shares |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | (0.03 | ) |  | $ | 0.09 |
Weighted average shares outstanding, Class B ordinary shares |  |  | 7,980,409 |  |  |  | 7,980,409 |  |  |  | 7,980,409 |  |  |  | 6,505,768 |  |  |  | 7,454,228 |
Basic and diluted net income per ordinary share, Class B ordinary shares |  | $ | (0.01 | ) |  | $ | 0.12 |  |  | $ | 0.09 |  |  | $ | (0.03 | ) |  | $ | 0.09 |
PLUM ACQUISITION CORP. I CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT
|  | Class A ordinary shares |  | Class B ordinary shares |  | Additional Paid-in Capital |  | Accumulated Deficit |  | Shareholders’ Deficit
|  | Shares |  | Amount |  | Shares |  | Amount |
Balance as of December 31, 2022 |  | — |  | $ | — |  | 7,980,409 |  |  | $ | 799 |  |  | $ | — |  |  | $ | (15,298,312 | ) |  | $ | (15,297,513 | )
Reduction of deferred underwriter fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,844,098 |  |  |  |  |  |  |  | 10,844,098 |
Accretion of Class A ordinary shares to redemption value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,568,966 | ) |  |  | — |  |  |  | (3,568,966 | )
Issuance of subscription shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 256,635 |  |  |  |  |  |  |  | 256,635 |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (420,047 | ) |  |  | (420,047 | )
Balance as of March 31, 2023 (As Restated) |  | — |  | $ | — |  | 7,980,409 |  |  | $ | 799 |  |  | $ | 7,531,767 |  |  | $ | (15,718,359 | ) |  | $ | (8,185,793 | )
Accretion of Class A ordinary shares to redemption value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (786,320 | ) |  |  | — |  |  |  | (786,320 | )
Issuance of subscription shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 166,966 |  |  |  |  |  |  |  | 166,966 |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,552,400 |  |  |  | 2,552,400 |
Balance as of June 30, 2023 (As Restated) |  | — |  | $ | — |  | 7,980,409 |  |  | $ | 799 |  |  | $ | 6,912,413 |  |  | $ | (13,165,959 | ) |  | $ | (6,252,747 | )
Conversion of class B shares to Class A shares |  | 7,980,409 |  |  | 799 |  | (7,980,409 | ) |  |  | (799 | ) |  |  |  |  |  |  |  |  |  |  | — |
Accretion of Class A ordinary shares to redemption value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,084,311 | ) |  |  | — |  |  |  | (1,084,311 | )
Issuance of subscription shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 491,175 |  |  |  |  |  |  |  | 491,175 |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (338,050 | ) |  |  | (338,050 | )
Balance as of September 30, 2023 (As Restated) |  | 7,980,409 |  | $ | 799 |  | — |  |  | $ | — |  |  | $ | 6,319,277 |  |  | $ | (13,504,009 | ) |  | $ | (7,183,933 | )
PLUM ACQUISITION CORP. I CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|  | AS RESTATED
|  | For the three months ended March 31, 2023 |  | For the six months ended June 30, 2023 |  | For the nine months ended September 30, 2023
Cash flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (420,048 | ) |  | $ | 2,132,353 |  |  | $ | 1,794,302 |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Interest earned on cash held in Trust Account |  |  | (3,088,966 | ) |  |  | (3,715,287 | ) |  |  | (4,344,597 | )
Reduction of deferred underwriter fees |  |  | (328,474 | ) |  |  | (328,474 | ) |  |  | (328,474 | )
Changes in fair value of warrant liabilities |  |  | 2,022,486 |  |  |  | 44,241 |  |  |  | 379,216 |
Issuance of FPA |  |  | 308,114 |  |  |  | 308,114 |  |  |  | 308,114 |
Change in fair value of FPA |  |  | 325,091 |  |  |  | (308,114 | ) |  |  | (308,114 | )
Interest expense – debt discount |  |  | 28,515 |  |  |  | 134,931 |  |  |  | 413,944 |
Prepaid assets |  |  | (59,349 | ) |  |  | (9,254 | ) |  |  | 16,081 |
Due to related party |  |  | 30,000 |  |  |  | 96,826 |  |  |  | 23,966 |
Accounts payable and accrued expenses |  |  | 944,041 |  |  |  | 1,213,199 |  |  |  | 1,335,939 |
Net cash used in operating activities |  |  | (238,590 | ) |  |  | (431,465 | ) |  |  | (709,623 | )
Cash flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Extension payment deposit in Trust |  |  | (480,000 | ) |  |  | (640,000 | ) |  |  | (1,095,000 | )
Cash withdrawn for redemptions |  |  | 273,112,312 |  |  |  | 273,112,312 |  |  |  | 294,254,572 |
Net cash used in investing activities |  |  | 272,632,312 |  |  |  | 272,472,312 |  |  |  | 293,159,572 |
Cash flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Redemption of ordinary shares |  |  | (273,112,312 | ) |  |  | (273,112,312 | ) |  |  | (294,254,572 | )
Proceeds from note payable-related party |  |  | 250,000 |  |  |  | 250,000 |  |  |  | 250,000 |
Proceeds from subscription liability |  |  | 480,000 |  |  |  | 755,944 |  |  |  | 1,560,944 |
Net cash provided by financing activities |  |  | (272,382,312 | ) |  |  | (272,106,368 | ) |  |  | (292,443,628 | )
Net Change in Cash |  |  | 11,410 |  |  |  | (65,521 | ) |  |  | 6,321 |
Cash, Beginning of period |  |  | 86,401 |  |  |  | 86,401 |  |  |  | 86,401 |
Cash, End of period |  | $ | 97,811 |  |  | $ | 20,880 |  |  | $ | 92,722 |
Non-Cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Accretion of Class A ordinary shares subject to possible redemption |  | $ | 3,568,966 |  |  | $ | 4,355,287 |  |  | $ | 5,439,596 |
Issuance of Subscription Shares |  | $ | 256,635 |  |  | $ | 423,601 |  |  | $ | 914,776 |

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